Order FlowPAYMENT FOR ORDER FLOW
SEC Regulation NMS Rule 607 requires our affiliate Pershing to disclose its Payment for Order Flow practices.Payment for Order Flow Practices
Pershing Advisor Solutions has entered into a Clearing Agreement with Pershing pursuant to applicable regulations, including NYSE Rule 382.
Under the terms of the Clearing Agreement, Pershing provides certain services to Pershing Advisor Solutions, including trade execution, clearance and custodial services. Equity orders are placed directly with Pershing and may be sent to exchanges, electronic communication networks or broker-dealers during normal business hours and during extended trading sessions. Some of these market centers provide payments or charge access fees to Pershing depending upon the characteristics of the order and any subsequent execution.
In addition, Pershing may execute as a principal certain equity orders received from or through Pershing Advisor Solutions, except that, with respect to Separately Managed Accounts, trades shall be effected on an agency basis. The details of these payments and fees are available upon written request. Pershing receives payments for directing listed options order flow to certain option exchanges. Compensation is generally in the form of a per-option contract cash payment. This disclosure only applies to orders placed with Pershing Advisor Solutions that are routed to Pershing.
Pershing Advisor Solutions does not receive payment for order flow.
For a list of organizations that pay Pershing for order flow, please refer to www.orderroutingdisclosure.com.
- Pershing Advisor Solutions collects nonpublic personal information from the following sources:
- Applications, forms or other communications, including electronic communications (such as name, address, e-mail address, telephone number, Social Security number, assets and income)
- Customers’ transactions with Pershing Advisor Solutions, their investment advisor or others
- Nonaffiliated third parties, such as consumer or credit reporting agencies (such as credit worthiness and credit history), joint marketing partners or other entities who may service your account from time to time
- Visits to our websites
- Internal data security policies restrict access to nonpublic personal information to authorized employees. Pershing Advisor Solutions directly or indirectly maintains physical, electronic and procedural safeguards designed to comply with federal standards to guard nonpublic personal information. Employees who violate these policies are subject to disciplinary action, up to and including termination. Pershing Advisor Solutions trains and educates our employees in the handling and safeguarding of personal information in accordance with applicable laws, rules and regulations.
- Pershing Advisor Solutions may disclose or share nonpublic personal information about its customers to its affiliates, such as banks, investments managers, mortgage lenders, technology service providers and securities broker-dealers, in order for its affiliates to provide and service accounts and transactions, such as data processing and loan servicing. This may, where permitted by local law, include archiving your personal information in a jurisdiction other than your own, which may not have equivalent data protection laws.
- Pershing Advisor Solutions may use personal information in order to operate our business in a prudent manner in accordance with industry standards and applicable law, which may include to service and maintain accounts and transactions, offer a broad range of services and products, verify income and assets, respond to inquiries and requests, prevent fraud, monitor and archive communications, and verify your identity in accordance with the USA PATRIOT Act.
- Where applicable, Pershing Advisor Solutions may disclose nonpublic personal information to third parties with whom your investment advisor may be affiliated. Pershing Advisor Solutions may also disclose your account information to third parties which your investment advisor may hire to provide certain services to assist in the management of your account.
- Pershing Advisor Solutions may also share personal information with government agencies, exchanges or other self-regulatory organizations and law enforcement authorities as required or permitted by law, rule or regulation.
- Pershing Advisor Solutions does not sell or rent personal information. Pershing Advisor Solutions may disclose or share personal information about its customers to nonaffiliated third parties with whom it has contracted to perform services on its behalf, such as printing, mailing, fraud prevention, technology providers and processing services. These nonaffiliated third parties are required to protect the confidentiality and security of this information and use it only in accordance as contractually agreed upon or instructed by Pershing Advisor Solutions. Pershing Advisor Solutions may also disclose nonpublic personal information about its customers as permitted or required by law.
- Pershing Advisor Solutions does not disclose nonpublic personal information about former customers, except as permitted or required by law.
- Pershing Advisor Solutions’ Internet website (the Site) will collect personal information that you voluntarily provide, such as your name, address, telephone number or e-mail address. The Site may collect information on what country you are accessing the Site from, information on which pages within the Site you visit, and certain technical information regarding your computer and operating systems, such as your Internet protocol address, domain name, system configurations and settings. We will not know who you are unless you tell us. Additionally, if the Site is a password-protected site, then (a) once you submit your password and enter, the Site will recognize who you are and will collect all information that you submit, including all electronic instructions (including all transaction information); and (b) any information collected about you from the Site may be associated with other identifying information that we have about you.
Best Execution. Notwithstanding the previous paragraph regarding payment for order flow, Pershing selects certain market centers for routing nondirected orders that:
- Provide execution of OTC and exchange-listed securities transactions that agree to accept orders (transmitted electronically up to a specified size)
- Execute them at or better than the national best bid or offer (NBBO)
On certain larger orders, or if the designated market centers do not make a market in the subject security, Pershing directly contacts market centers to obtain an execution.
The designated market centers to which orders are automatically routed are selected based on:
- The consistent high quality of their executions in one or more market segments
- Their ability to provide opportunities for executions at prices superior to the NBBO
- Service, accessibility and speed of execution
- Counterparty credit worthiness
Pershing regularly reviews reports for quality of execution purposes.
Pershing Advisor Solutions, directly and through third-party market data providers, regularly reviews and monitors transactions executed by Pershing to determine whether clients have received best execution. A copy of Pershing Advisor Solutions’ order routing disclosure is available upon request.
Site SecurityThis site provides its members with private, secure communications. Your confidential account information is secured (encrypted) with the latest Netscape Secure Commerce Server technology, the best in the industry. Additionally, you are required to access your account using one of the latest secure browsers such as Netscape Navigator (version 7.0 or higher) or Microsoft's Internet Explorer (version 5.0 or higher).
Servers use advanced technology to ensure your account's confidentiality and security, to make it easier for you to navigate through this site, and to enable you to create customized information on the site based on input you decide, including watch lists and quote tracks.
DISCLOSURE REQUIRED BY SEC RULE 606
Pershing Advisor Solutions is a registered broker-dealer and it sends orders on behalf of clients to Pershing for routing to various market centers for execution. You can view the top venues with which Pershing executes nondirected orders by selecting a market center link below.
Margin Disclosures. These disclosures are intended to provide some basic facts about purchasing securities on margin and to alert you to the risks involved with trading securities in a margin account. Before trading securities in a margin account, it is important to carefully review the written Margin Agreement provided by Pershing Advisor Solutions or its clearing firm (Pershing), and, where applicable, to consult with your Investment Advisor regarding any questions or concerns you may have regarding margin accounts.
When you purchase securities, you have the option of paying for them in full or borrowing part of the purchase price from Pershing. If you choose to borrow funds from Pershing, you will need to open a margin account with Pershing through Pershing Advisor Solutions.
The securities purchased are used as collateral for the loan that was made to you or any other indebtedness arising after the initial transaction. If the securities in your brokerage account decline in value, so does the value of the collateral supporting your loan. As a result, Pershing Advisor Solutions or Pershing may take action.
For instance, Pershing Advisor Solutions or Pershing may issue a margin call and/or sell securities or liquidate other assets in any of your brokerage accounts held with Pershing Advisor Solutions or Pershing in order to maintain the required equity in the margin account.
It is important that you fully understand the risks involved in trading securities on margin. These risks include the following:
- You may lose more funds or securities than you deposit in the margin account. A decline in the value of securities that are purchased on margin may require you to provide additional funds to Pershing to avoid the forced sale of those securities or other securities or assets in your account(s).
- Pershing Advisor Solutions or Pershing may force the sale of securities or other assets in your account(s). If the equity in your account falls below Pershing’s maintenance margin requirements or Pershing Advisor Solutions’ higher “house” requirements, Pershing Advisor Solutions or Pershing may sell the securities or other assets in any of your accounts to cover the margin deficiency. You also will be responsible for any shortfall in the account after such a sale.
- Pershing Advisor Solutions or Pershing can sell your securities or other assets without contacting you. Some investors mistakenly believe that a financial organization (in this case, Pershing and/or Pershing Advisor Solutions) must contact them for a margin call to be valid, and that the financial organization cannot liquidate securities or other assets in their account(s) to meet the call unless the financial organization has contacted them first. This is not the case. Most financial organizations will attempt to notify their clients of margin calls, but they are not required to do so. However, even if a financial organization has contacted a client and provided a specific date by which the client can meet a margin call, the financial organization may still take necessary steps to protect its financial interests, including immediately selling the securities without notice to the client.
- Pershing Advisor Solutions or Pershing may change margin requirements or margin call time periods without notice to you. With regard to house, maintenance and other margin calls, in lieu of immediate liquidations, Pershing, through Pershing Advisor Solutions, may permit you a period of time to satisfy a call. This time period shall not in any way waive or diminish Pershing’s right in its sole discretion to shorten the time period in which you may satisfy a call, including one already outstanding, or to demand that a call be satisfied immediately. Nor does such practice waive or diminish the right of Pershing or Pershing Advisor Solutions to sell out positions to satisfy the call, which may be as high as the full indebtedness owed by you. Margin requirements may be established and changed by Pershing or Pershing Advisor Solutions in their sole discretion and judgment.
- You are not entitled to choose which securities or other assets in your brokerage account(s) are liquidated or sold to meet a margin call. Because the securities are collateral for the margin loan, Pershing Advisor Solutions or Pershing has the right to decide which securities to sell in order to protect its interests.
- Pershing Advisor Solutions or Pershing may increase its “house” maintenance margin requirements at any time and is not required to provide you with advance written notice. These changes in firm policy often take effect immediately and may result in the issuance of a maintenance margin call. Your failure to satisfy the call may cause Pershing Advisor Solutions or Pershing to liquidate or sell securities in your brokerage account(s).
- You are not entitled to an extension of time on a margin call. While an extension of time to meet margin requirements may be available to investors under certain conditions, an investor does not have a right to the extension.
- Your written Margin Agreement with Pershing or Pershing Advisor Solutions provides for certain important obligations by you. The Margin Agreement is a legally binding agreement, cannot be modified by conduct and no failure on the part of Pershing or Pershing Advisor Solutions at any time to enforce its rights under the Margin Agreement to the greatest extent permitted shall in any way be deemed to waive, modify or relax any of the rights granted Pershing or Pershing Advisor Solutions, including those rights vested in Pershing or Pershing Advisor Solutions to deal with collateral on all loans advanced to you. Also, the Margin Agreement constitutes the full and entire understanding between the parties with respect to the provision of the Margin Agreement, and there are no oral or other agreements in conflict with the Margin Agreement unless you have advised Pershing or Pershing Advisor Solutions in writing of such conflict. Any future modification, amendment or supplement to the Margin Agreement or any individual provision of the Margin Agreement can only be done in writing and signed by a representative of Pershing. You should carefully review your Margin Agreement for the rights and limitations governing your margin account relationship.
A July 2003 report based on the findings of this task force recommends written disclosure regarding mutual fund breakpoints.
Charges, Breakpoints, Fees and Revenue Sharing Relating to Mutual Funds, Money Funds, FDIC-Insured Bank Products and Annuities
Before investing in mutual funds, it is important that you understand the sales charges, expenses and management fees that you will be charged, as well as the breakpoint discounts to which you may be entitled. Understanding these charges and breakpoint discounts will assist you in identifying the best investment for your particular needs and may help you to reduce the cost of your investment.
This section will give you general background information about these charges and discounts; however, sales charges, expenses, management fees and breakpoint discounts vary from mutual fund to mutual fund.
Therefore, you should discuss these matters with your Investment Advisor and Separate Account Manager(s) and review each mutual fund’s prospectus and statement of additional information (available from your Investment Advisor and Separate Account Manager[s]) to obtain the specific information regarding the charges and breakpoint discounts associated with a particular mutual fund.
Mutual Fund Sales Charges. Investors who purchase mutual funds must make certain choices, including which funds to purchase and which share class is most advantageous in light of their specific investing needs. Each mutual fund has a specified investment strategy. These decisions will be made by you and/or your Investment Advisor and Separate Account Manager(s), subject to your agreements with them. You and they should consider whether the mutual fund’s investment strategy is compatible with your investment objectives. Additionally, many mutual funds offer different share classes. Although each share class represents a similar interest in the mutual fund’s portfolio, the mutual fund will charge you different fees and expenses depending upon your choice of share class.
As a general rule, Class A shares carry a “front-end” sales charge or “load” that is deducted from your investment at the time you buy the fund shares. This sales charge is a percentage of your total purchase.
As explained below, many mutual funds offer volume discounts, known as “breakpoint discounts,” to the front-end sales charge assessed on Class A shares at certain predetermined levels of investment.
In contrast, Class B and C shares usually do not carry any front-end sales charges. Instead, investors who purchase Class B or C shares pay asset-based sales charges, which may be higher or lower than the charges associated with Class A shares. Investors who purchase Class B or C shares may also be required to pay a sales charge known as a “contingent deferred sales charge” when they sell their shares, depending upon the rules of the particular mutual fund. This is known as a “back-end” sales charge or the “load.”
Mutual Fund Breakpoint Discounts. Most mutual funds offer investors a variety of ways to qualify for breakpoint discounts on the sales charge associated with the purchase of Class A shares. In general, most mutual funds provide breakpoint discounts to investors who make large purchases at one time. The extent of the discount depends upon the size of the purchase.
Generally, as the amount of the purchase increases, the percentage used to determine the sales load decreases. The entire sales charge may be waived for investors that make very large purchases of Class A shares. Mutual fund prospectuses contain tables that illustrate the available breakpoint discounts and the investment levels at which breakpoint discounts apply.
Additionally, most mutual funds allow investors to qualify for breakpoint discounts based upon current holdings from prior purchases through Rights of Accumulation (ROA) and from future purchases based upon Letters of Intent (LOI). Mutual funds have different rules regarding the availability of ROAs and LOIs. Therefore, where applicable, you should discuss these matters with your Investment Advisor and Separate Account Manager(s), and review the mutual fund’s prospectus and statement of additional information to determine the specific terms upon which a mutual fund offers ROAs or LOIs.
Rights of Accumulation—Many mutual funds allow investors to count the value of previous purchases of the same fund, or another fund within the same fund family, with the value of the current purchase to qualify for breakpoint discounts. Moreover, mutual funds may allow investors to count existing holdings in multiple accounts, such as individual retirement accounts (IRAs) or accounts at other financial organizations, to qualify for breakpoint discounts. Therefore, if you have accounts at other financial organizations and wish to take advantage of the balances in these accounts to qualify for a breakpoint discount, you must advise your Investment Advisor about those balances. You may need to provide documentation if you wish to rely upon balances in accounts at another firm.
In addition, many mutual funds allow investors to count the value of holdings in accounts of certain related parties, such as spouses or children, to qualify for breakpoint discounts. Each mutual fund has different rules that govern when relatives may rely upon each other’s holdings to qualify for breakpoint discounts. Where applicable, you should consult with your Investment Advisor and Separate Account Manager(s) and review the mutual fund’s prospectus and statement of additional information to determine what these rules are for the fund family in which you are investing. If you wish to rely upon the holdings of related parties to qualify for a breakpoint discount, you should advise your Investment Advisor and Separate Account Manager(s) about these accounts. You may need to provide documentation to your Investment Advisor and Separate Account Manager(s) if you wish to rely upon balances in accounts at another firm.
Mutual funds also follow different rules to determine the value of existing holdings. Some funds use the current net asset value (NAV) of existing investments to establish whether an investor qualifies for a breakpoint discount. However, a small number of funds use the historical cost, which is the initial purchase cost, to determine eligibility for breakpoint discounts. If the mutual fund uses historical costs, you may need to provide account records, such as confirmation statements or monthly statements, to qualify for a breakpoint discount based upon previous purchases. You should consult with your Investment Advisor and Separate Account Manager(s) and review the mutual fund’s prospectus and statement of additional information to determine whether the mutual fund uses NAV or historical costs to establish breakpoint eligibility.
Letters of Intent (LOI)—Most mutual funds allow investors to qualify for breakpoint discounts by signing an LOI, which commits the investor to purchase a specified amount of Class A shares within a defined period of time, usually 13 months. For instance, if an investor plans to purchase $50,000 worth of Class A shares over a period of 13 months, but each individual purchase would not qualify for a breakpoint discount, the investor could sign an LOI at the time of the first purchase and receive the breakpoint discount associated with a $50,000 investment on the first and all subsequent purchases.
Additionally, some funds offer retroactive LOIs that allow investors to rely upon recent purchases to qualify for a breakpoint discount. However, if an investor fails to invest the amount required by the LOI, the fund is entitled to retroactively deduct the correct sales charges based upon the amount that the investor actually invested. If you intend to make several purchases within a 13-month period, you should consult your Investment Advisor, applicable Separate Account Manager(s) and the mutual fund prospectus to determine if it would be beneficial for you to sign an LOI. As you can see, understanding the availability of breakpoint discounts is important because it may allow you to purchase Class A shares at a lower price.
The availability of breakpoint discounts may save you money and may also affect your decision regarding the appropriate share class in which to invest. Therefore, where applicable, you should discuss the availability of breakpoint discounts with your Investment Advisor and Separate Account Manager(s) and carefully review the mutual fund prospectus and its statement of additional information when choosing among the share classes offered by a mutual fund. If you wish to learn more about mutual fund share classes or mutual fund breakpoints, you can also review the investor alerts available on the FINRA website at www.finra.org/Investors/ProtectYourself/InvestorAlerts/MutualFunds/index.htm.
Mutual Fund Fees and Revenue Sharing. Pershing may receive servicing fees from mutual funds that participate in Pershing’s mutual fund no-transaction-fee program (FundVest®) in lieu of clearance charges to Pershing Advisor Solutions. Participation by Pershing Advisor Solutions in this program is optional and Pershing Advisor Solutions may share with Pershing in such fees. These fees may be considered revenue sharing, are a significant source of revenue for Pershing and may be a significant source of revenue for Pershing Advisor Solutions. These fees are paid in accordance with an asset-based formula. Pershing Advisor Solutions may share a portion of these fees with certain turnkey asset management providers that provide operational and related services to Pershing Advisor Solutions.
Pershing also receives operational reimbursements from mutual funds in the form of networking or omnibus processing fees. These fees are based on a flat fee per holding and are reimbursed to Pershing for the work it performs on behalf of the funds, which may include, but is not limited to: subaccounting services, dividend calculation and posting, accounting, reconciliation, client confirmation and statement preparation and mailing, and tax statement preparation and mailing.
These fees are a significant source of revenue for Pershing. For additional details regarding Pershing’s mutual fund no-transaction-fee program or a listing of funds that pay Pershing networking or omnibus fees, please refer to www.pershing.com/mutual_fund.htm.
Money Fund and FDIC-Insured Bank Product Fees and Revenue Sharing. Money fund and FDIC-insured bank deposit fees for processing and revenue sharing are significant sources of revenue for Pershing and may be significant sources of revenue for Pershing Advisor Solutions.
Pershing receives fees from money fund providers for making available money market funds or FDIC-insured bank deposit programs, which you have selected through your Investment Advisor. These fees are paid in accordance with an asset based formula. Pershing Advisor Solutions may share in these fees. A portion of Pershing’s fees is applied against costs associated with providing services on behalf of the funds, which may include: cash sweep systems, subaccounting services, dividend calculation and posting, accounting, reconciliation, client statement preparation and mailing, tax statement preparation and mailing, marketing and distribution related support, and other services.
Pershing receives processing fees from certain money fund and FIDC-insured bank deposit providers. These fees reimburse Pershing for operational services it performs on behalf of the funds, which may include: cash sweep systems, subaccounting services, dividend calculation and posting, accounting, reconciliation, client statement preparation and mailing, tax statement preparation and mailing, or other services. For a listing of money funds and FDIC-insured bank products that pay Pershing revenue sharing and processing fees, please refer to www.pershing.com/money_fund.htm.
Fees Received by Affiliates. Pershing LLC makes available a variety of money market mutual funds on its platform under the names of "Dreyfus," "Pershing," "General" and "Universal," for which The Dreyfus Corporation (Dreyfus Corp.) serves as investment advisor and MSBC Securities Corporation (MSBC) serves as the distributor. Both the Dreyfus Corp. and MSBC are affiliates of Pershing LLC and Pershing Advisor Solutions LLC and receive compensation for delivering their respective services to the money market mutual funds.
Annuity Fees and Revenue Sharing. Pershing may receive servicing fees from certain insurance companies that participate in Pershing’s annuity program (participation by Pershing Advisor Solutions in this program is optional). These fees may be considered revenue sharing and are a source of revenue for Pershing and may be a source of revenue for Pershing Advisor Solutions.
Pershing also receives operational reimbursement fees from certain insurance companies. A flat fee per holding is paid to Pershing for the services it provides, which may include, but are not limited to posting, account reconciliation, and client statement preparation and mailing. These fees are a source of revenue for Pershing. For additional details regarding processing annuities and a listing of annuities that pay Pershing revenue sharing and processing fees, please refer to www.pershing.com/annuity_fees.htm.
Email EncryptionProtect Yourself from Email Scams (e.g. Phishing)
You may have experienced or read about recent incidents of unsolicited email messages masquerading as legitimate companies, attempting to solicit recipients into divulging personal and financial information. These "phishing" (also called "brand spoofing") emails may send you to web sites pretending to be legitimate companies or government agencies that ask for your personal and financial information. At no time do we request personal or financial information by sending out unsolicited emails. As a good practice, we advise our clients to NOT send personal identification numbers, account passwords or any other confidential information by email, since email should not be considered a secure method of communication.
How The Scams Work
A common email scam uses unsolicited email to deceive consumers into disclosing confidential personal information. The deceptive email may suggest clicking on a link or attachment for any one of the following reasons:
- Change / update to personal information
- Possible suspension of client cards or accounts
- Possible loss of deposit insurance
- Application for products
- Bank Card Numbers/User ID's
- Account Numbers
- Personal Identification Numbers (PINs)
- Credit Card Numbers
- Social Security Numbers
- Other Personal or Private Information
There are some commonalities that can help you identify the scams:
- They are designed to mimic the look and feel of a genuine site.
- They are most commonly sent out through unsolicited emails, containing links or attachments.
- The Web address will often have the "@" symbol or a numeric address (eg.123.456.1.2).
- The address may also include the word, phrase or text 'netxinvestor' to make it appear authentic.
It is important to understand that there are ways in which you can help protect yourself from email fraud and web sites that request your personal or banking information:
- If you receive an email that appears to have been sent from Pershing Advisor Solutions asking for personal or financial information, do not reply or click on the link in the email. The most prudent course of action would be to delete this type of email. If you have any questions, please feel free to contact customer service.
- Always access the NetExchange Investor web site using your bookmarks or our published URLs.
- Review your financial statements regularly for unauthorized or suspicious transactions.
- Never send personal and/or financial information via unsecured email.
- Do not trust email headers. They can be easily forged.
Pershing Advisor Solutions, in conjunction with its affiliates, maintains a business continuity plan (the Plan) that covers the resumption of business processes for each Pershing Advisor Solutions department in the event of a business interruption, consistent with applicable regulations, including NASD Rule 3510. The Plan is updated whenever there is a material change to the Pershing Advisor Solutions business. Additionally, Pershing Advisor Solutions policy requires formal semi-annual reviews, including business risk assessments of the Plan. Changes to Pershing Advisor Solutions processes, products, or the business environment are evaluated, and modifications to the configuration of Pershing Advisor Solutions Business Continuity Disaster Recovery Sites (Recovery Sites) are performed as required. Current copies of the Plan are maintained in several off-site locations.
Pershing Advisor Solutions also maintains Recovery Sites for its personnel. The Recovery Sites provide for the relocation of Pershing Advisor Solutions associates to resume processing operations and trading functions in the event of a business interruption. Each operations or trading workstation to be used under the Plan is equipped with all the software, as well as all the telecommunication equipment, needed for Pershing Advisor Solutions associates to continue in their role. A centralized fax and wire printer room, where all communications to Pershing Advisor Solutions are controlled, is also maintained.
Partitions on the hard drives of the workstations to be used under the Plan separate business continuity client server, market data and desktop applications from the day-to-day uses of the Recovery Sites workstations.
Pershing Advisor Solutions also employs telephone rollover technology whereby the local telephone company is able to route inbound calls and faxes to the Recovery Sites’ facilities outside of Jersey City, New Jersey.
In the event you are unable to contact your investment advisor due to a significant business interruption, Pershing Advisor Solutions may be contacted directly by you to process limited trade-related transactions, cash disbursements, and security transfers. Such instructions to Pershing Advisor Solutions must be in writing and transmitted via facsimile or postal service as follows:
Pershing Advisor Solutions LLC
P.O. Box 2065
Jersey City, New Jersey 07303-2065
Fax: (201) 413-4444
For additional instructions, please select the Business Continuity and Customer Support links at the bottom of the home page on the Pershing Advisor Solutions website at www.pershingadvisorsolutions.com, or contact Pershing Advisor Solutions at (877) 604-8967.
Pershing Advisor Solutions has entered into a Clearing Agreement with Pershing, pursuant to applicable regulations including NYSE Rule 382. Under the terms of the Clearing Agreement, Pershing provides certain services to Pershing Advisor Solutions including trade execution, clearance, and custodial services. Pershing maintains its own business interruption plan (the Pershing Plan), which is outlined below.
Pershing maintains the Pershing Plan, including redundant data centers and alternate processing facilities, to address interruptions to its normal course of business. The Pershing Plan is reviewed annually and updated as necessary.
The Pershing Plan outlines the actions Pershing will take in the event of a building, city-wide, or regional incident, including relocating technology and operational personnel to preassigned alternate regional facilities. Technology data processing can also be switched to an alternate regional data center. All Pershing operational facilities are equipped for resumption of business and are tested several times per year. Pershing’s recovery time objective for business resumption, including those involving a relocation of personnel or technology, is four (4) hours. This recovery objective may be negatively affected by the unavailability of external resources and circumstances beyond its control.
Your introducing financial institution is required to maintain a business continuity plan designed to address unplanned business interruptions as well. However, in the event your introducing firm is unable to conduct business, you may contact Pershing directly to process limited trade-related transactions, cash disbursements and security transfers.
In the event that you and your investment advisor(s) are unable to contact Pershing Advisor Solutions due to a significant business interruption, you may contact Pershing directly to process limited trade-related transactions, cash disbursements, and security transfers. Instructions to Pershing must be in writing and transmitted via facsimile at (201) 413-5368 or by postal service as follows:
P.O. Box 2065
Jersey City, New Jersey 07303-2065
For additional information about how to request funds and securities when Pershing Advisor Solutions cannot be contacted due to a significant business interruption, please select the Business Continuity and Other Disclosures link at the bottom of the home page on the Pershing website at www.pershing.com or call (201) 413-3635 for recorded instructions. If you cannot access the instructions from the website or the previously noted telephone number, Pershing may be contacted at (213) 624-6100, extension 500, as an alternate telephone number for recorded instructions.
Non-Professional DefinitionNew York Stock Exchange & NYSE MKT LLC Non-Professional Agreement
NASDAQ OMX Global Subscriber Agreement
Options Price Reporting Authority Agreement
Please read the definition of a non-professional and select the appropriate button below.
A non-professional refers to a natural person, who is applying/acting in a personal capacity, as neither a principal, officer, partner, employee, nor agent of any business, nor on behalf of any individual. A non-professional is a person who obtains information for their own investment purposes and not for any business purposes.
The person cannot be registered or qualified with*: The Securities Exchange Commission (SEC) in any capacity; The Commodities Futures Trading Commission; Any state securities agency; Any securities exchange or association; Any commodities or futures contract market or association.
* Or foreign organizational equivalents.
Furthermore, a non-professional person can be neither (a) an investment advisor (as that term is defined in Section 201(II) of the Investment Advisors Act of 1940, whether or not registered or qualified under that Act); (b) a person employed by a bank, or other organization exempt from registration under federal and/or state securities laws, to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt; or (c) a person engaged as a consultant, independent contractor, software developer, or other person that uses market information for any purpose for profit other than the trading of that person's own personal account(s).
If you are a non-professional as defined above, please answer "I am NOT a Professional". If you are not a non-professional as defined above, you should answer "I Am a Professional". Please note that if for any reason your status as a non-professional changes, you are required to notify us. You may access this agreement online and make changes to your responses at any time should your circumstances change.
New York Stock Exchange & NYSE MKT LLC Non-Professional AgreementNASDAQ OMX Global Subscriber Agreement
Options Price Reporting Authority Agreement
New York Stock Exchange ("NYSE") Subscriber Agreement
AGREEMENT FOR MARKET DATA DISPLAY SERVICES
New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement
NASDAQ OMX Global Subscriber AgreementOptions Price Reporting Authority Agreement
New York Stock Exchange & NYSE MKT LLC Non-Professional Agreement
NASDAQ OMX Global Subscriber Agreement
Options Price Reporting Authority Agreement
OPTIONS PRICE REPORTING AUTHORITY
ELECTRONIC FORM OF SUBSCRIBER AGREEMENT
IMPORTANT NOTICE: THIS SUBSCRIBER AGREEMENT (THIS "AGREEMENT") IS AN AGREEMENT BETWEEN YOU AND PERSHING ADVISOR SOLUTIONS FOR YOU TO RECEIVE INFORMATION PUBLISHED BY THE OPTIONS PRICE REPORTING AUTHORITY ("OPRA"). PLEASE READ THIS AGREEMENT CAREFULLY. AFTER YOU HAVE READ THIS AGREEMENT, PLEASE INDICATE YOUR AGREEMENT TO BE BOUND BY ITS TERMS AND CONDITIONS BY CLICKING ON THE "I AGREE" BUTTON AT THE END. IF YOU DO NOT AGREE TO THESE TERMS AND CONDITIONS, YOU WILL BE UNABLE TO RECEIVE THE INFORMATION.
By completing and submitting this Agreement, you are applying to receive from NetXInvestor ("Broker/Dealer") a market data service (the "Service") providing access to current options last sale and quotation information and related information ("Options Data") published by OPRA pursuant to a Plan declared effective by the Securities and Exchange Commission. In reviewing and approving this Agreement, Broker/Dealer is authorized to act on behalf of the "OPRA Participants", which are those national securities exchanges who, from time to time, are parties to this Plan. The person who acts from time to time as data processor on behalf of OPRA is referred to herein as "OPRA's Processor".
By completing and submitting this Agreement and clicking on the "I agree" button at the end of this Agreement, you are consenting to enter into this Agreement in electronic form. You have the right to withdraw your consent by terminating this Agreement and your receipt of the OPRA Data. Your right to terminate this Agreement and your receipt of the OPRA Data, and the procedure you must follow to do so, are described in paragraph 6 below. If any information needed to contact you electronically changes, the procedure for notifying Broker/Dealer is described in paragraph 11 below. If you wish to have a copy of this Agreement in paper form and you are unable to print a copy on your own computer system, Broker/Dealer will provide you with a paper copy at no charge upon its receipt of your request transmitted as described in paragraph 11. You may access a copy of this Agreement electronically at no charge, if your access to OPRA Data is from a device capable of receiving text, by following the steps below:
- Go to the site login page where you will find a disclaimer that reads: "As your agreement for the receipt and use of market data provides..."
- Click on the underlined word "agreement"
- Click on the Options Price Reporting Authority link, this will bring up the text of the OPRA agreement
- Print the agreement either by right-clicking directly in the window or going to File | Print in the top menu bar
At the beginning of the exchange agreement process you were provided with a definition of the term "Nonprofessional". If you are a Nonprofessional under this definition, OPRA's charges to Broker/Dealer for your use of the OPRA Data may be subject to a cap, and you may be entitled to pay lower fees to Broker/Dealer.
You hereby represent and agree as follows:
1. Your full name and address are:
2. You shall receive the Service and the OPRA Data included therein solely for your own business or personal use, and you shall not retransmit or otherwise furnish the OPRA Data to any person, other than your own employees on devices that are subject to the control of Broker/Dealer. If you are a Nonprofessional and have completed the Addendum for Nonprofessionals, you are only permitted under this Agreement to use the OPRA Data for your own personal investment activities.
3. You acknowledge that OPRA Data is and shall remain the property of the OPRA Participant on which a reported transaction took place or a reported quotation was entered.
4. DISCLAIMER OF LIABILITY -- NEITHER BROKER/DEALER, OPRA, OPRA'S PROCESSOR NOR ANY OPRA PARTICIPANT GUARANTEES THE TIMELINESS, SEQUENCE, ACCURACY OR COMPLETENESS OF ANY OF THE OPRA DATA SUPPLIED TO YOU HEREUNDER AND NEITHER VENDOR, OPRA, OPRA'S PROCESSOR NOR ANY OPRA PARTICIPANT SHALL BE LIABLE IN ANY WAY, TO YOU OR TO ANY OTHER PERSON, FOR ANY LOSS, DAMAGES, COST OR EXPENSE WHICH MAY ARISE FROM ANY FAILURE OF PERFORMANCE BY VENDOR, OPRA, OPRA'S PROCESSOR OR ANY OPRA PARTICIPANT, OR FROM ANY DELAYS, INACCURACIES, ERRORS IN OR OMISSIONS OF, ANY OF THE OPRA DATA OR IN THE TRANSMISSION OR DELIVERY THEREOF, WHETHER OR NOT DUE TO ANY NEGLIGENT ACT OR OMISSION ON THE PART OF BROKER/DEALER, OPRA, OPRA'S PROCESSOR OR ANY OPRA PARTICIPANT. IN NO EVENT SHALL BROKER/DEALER, OPRA, OPRA'S PROCESSOR OR ANY PARTICIPANT BE LIABLE FOR ANY INCIDENTAL, SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO LOST PROFITS, TRADING LOSSES, OR DAMAGES RESULTING FROM INCONVENIENCE OR LOSS OF USE OF THE SERVICE.
5. The terms of this Agreement may be modified at any time upon notice to you. If you do not assent to this Agreement as modified at or prior to the time you next attempt to access the Service, this Agreement shall automatically be terminated. This Agreement as modified shall apply to your use of the Service from and after the date of the modification.
6. Your receipt of the OPRA Data hereunder may be terminated at any time by you or by Broker/Dealer upon 30 days notice from the terminating party to the other party, and may be terminated immediately upon a determination by Broker/Dealer or OPRA that you are not in compliance with this Agreement.
7. Nothing herein shall be deemed to prevent or restrict OPRA, OPRA's Processor or any OPRA Participant from discontinuing to furnish OPRA Data for dissemination or from making such changes in the speed of transmission, the characteristics of the electrical signals representing the OPRA Data or the manner of disseminating the same, as OPRA shall from time to time determine to be appropriate, with or without notice to you. You shall not hold OPRA, OPRA's Processor, or any OPRA Participant liable for any resulting liability, loss or damage that may arise therefrom.
8. You agree to notify Broker/Dealer promptly of any changes in the information provided herein and to furnish Broker/Dealer any additional information requested by it in connection with your receipt of the OPRA Data.
9. The parties acknowledge and agree that this Agreement is for the express benefit of OPRA, OPRA's Processor and each OPRA Participant.
10. The provisions of Sections 3, 4 and 9 will survive any termination of this Agreement and will remain in full force and effect.
11. All notices under this Agreement will be provided in writing. All written notices to Broker/Dealer shall be sent to your financial advisor, who is your Broker/Dealer and all such notices to you shall be sent to the street address that you provide in paragraph 1.
IF YOU AGREE TO THE TERMS AND CONDITIONS SET FORTH ABOVE, PLEASE CLICK ON THE "I AGREE" BUTTON BELOW. By clicking on the "I AGREE" button below and typing in your name as indicated above, you agree that:
i) you have read and you understand all of the terms and conditions set forth above; and
ii) you intend to form a legally binding and valid contract under which you will be bound by all of the terms and conditions set forth above.
© 2013 Pershing LLC. All Rights Reserved. Notices
Except with respect to information about your financial organization and unless otherwise specified, the content of this service is owned or licensed by Pershing LLC and is protected by the United States Copyright Act of 1976, as amended, and the copyright laws of other countries. Certain materials are used by permission of their respective owners. Certain specified content is the property of your financial organization.
Pershing LLC (member FINRA/NYSE/SIPC) is a leading global provider of financial business solutions to more than 1,150 institutional and retail financial organizations and independent registered investment advisors who collectively represent over five million active investors. Financial organizations, investment professionals and independent registered investment advisors depend on Pershing's depth of experience and consultative approach to provide them with forward-thinking solutions that help them to grow their businesses. Located in 19 offices worldwide, Pershing is committed to delivering dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions, practice management support and service excellence. Pershing is a member of every major U.S. securities exchange and its international affiliates are members of the Deutsche Borse, the Irish Stock Exchange and the London Stock Exchange. Pershing LLC is a subsidiary of The Bank of New York Mellon Corporation. Additional information is available at www.pershing.com.
The material provided in this service, including graphic images, buttons, and text, may not be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, without the prior written permission of Pershing LLC, except that you may download, display, or print one copy of the materials on any single computer solely for your personal, non-commercial, home use, provided that you keep intact all copyright, trademark, and other proprietary notices. Modification of the materials or use of the materials for any other purpose is a violation of Pershing LLC's or its third-party information providers' copyrights and other proprietary rights. Nothing contained herein shall be construed as conferring by implication, estoppel, or otherwise, any license or right under any copyright, patent, trademark, or other proprietary interest of Pershing LLC or any third party. Pershing LLC acts solely as clearing agent for your financial organization. Pershing LLC is not an affiliate nor does it exercise supervisory authority over your financial organization or its employees.
PERSHING LLC, YOUR FINANCIAL ORGANIZATION AND OTHER PROVIDERS OF MATERIALS ON THIS SITE DISCLAIM ANY WARRANTY OF ANY KIND, WHETHER EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER RELATING TO THIS SERVICE, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NONINFRINGEMENT. REFERENCE TO A FUND OR SECURITY INCLUDED ANYWHERE IN THIS SERVICE IS NOT A RECOMMENDATION TO BUY, SELL, OR HOLD THAT, OR ANY OTHER SECURITY.
No judgment or warranty is made with respect to the accuracy, timeliness, or suitability of the content of other services or sites to which these screens link, and neither Pershing LLC nor your financial organization take any responsibility therefore. A link from this service to another service or site outside of your financial organization is not an endorsement of the service or site, its content, or its sponsoring organization.
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If you have questions about these Notices contact Pershing LLC at:
© 2013 Pershing LLC.Interactive Data Corporation Terms & Conditions of Use
All information provided by Interactive Data Real Time Services ("Real-Time Services") and its affiliates (the "Real-Time Services Information") is owned by or licensed to Real-Time Services and its affiliates and any user is permitted to use such Real-Time Services Information only for such user's personal use. In no event shall any user publish, retransmit, redistribute or otherwise reproduce any Real-Time Services Information in any format to anyone, and no user shall use any Real-Time Services Information in or in connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise.
Prior to the execution of a security trade based upon the Real-Time Services Information, you are advised to consult with your broker or other financial representative to verify pricing information.
THE REAL-TIME SERVICES INFORMATION IS PROVIDED TO THE USERS "AS IS." NEITHER REAL-TIME SERVICES NOR ITS AFFILIATES NOR ANY THIRD_PARTY DATA PROVIDER MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE REAL-TIME SERVICES INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. NEITHER REAL-TIME SERVICES NOR ITS AFFILIATES NOR ANY THIRD_PARTY DATA PROVIDER WILL BE LIABLE TO ANY USER OR ANYONE ELSE FOR ANY INTERRUPTION, INACCURACY, ERROR OR OMISSION, REGARDLESS OF CAUSE, IN THE REAL-TIME SERVICES INFORMATION OR FOR ANY DAMAGES (WHETHER DIRECT OR INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY) RESULTING THEREFROM.
Dow Jones & Company, Inc. Terms and Conditions of Use
Pershing is providing you with services including, but not restricted to, information provided by Dow Jones & Company, Inc. ("Dow Jones") related to the Dow Jones Industrial Average and other indexes (the "Dow Jones Data"). In order to access and use the Dow Jones Data, you must agree to comply with the conditions imposed on your use of the services, as set out in these Terms and Conditions of Use and elsewhere in the Pershing services.
The Dow Jones Data is the exclusive property of Dow Jones. The data is protected by copyright and other intellectual property laws and all ownership rights remain with Dow Jones or its licensor, as the case may be. You may use the Dow Jones Data only for your own personal and non-commercial purposes. Such use will be in accordance with these Terms and Conditions of Use and the requirements set out elsewhere on the services. You may not copy, distribute or redistribute the Dow Jones Data (or any portion thereof), including by caching, framing or similar means, or sell, resell, re-transmit or otherwise make such data retrieved from Pershing’s services available in any manner to any third party.
The Dow Jones Data is provided "as is." Dow Jones shall not be liable to you or any third party for any loss or damage, direct, indirect or consequential, arising from (i) any inaccuracy or incompleteness in, or delays, interruptions, errors or omissions in the delivery of the Dow Jones Data or any other information supplied to you through the Pershing services or (ii) any decision made or action taken by you or any third party in reliance upon such data or information. Dow Jones shall not be liable to you or any third party for loss of business revenues, lost profits or any punitive, indirect, consequential, special or similar damages whatsoever, whether in contract, tort or otherwise, arising out of use of the Dow Jones Data, even if advised of the possibility of such damages incurred by you or any third party. Dow Jones does not provide any guarantee or warranty, express or implied, regarding the Dow Jones Data with respect to the accuracy, adequacy, quality, timeless, non-infringement, title, fitness of any information for a particular purpose or use of such data, and all such warranties are expressly excluded to the fullest extent that such warranties may be excluded by law. You bear all risk from any use or results of using any Dow Jones Data.
These terms and conditions constitute the entire agreement between you and Dow Jones and supersede any other agreements or representations with respect to the Dow Jones Data. The failure of either party to these terms and conditions, at any time, to require performance by the other party of any provision hereof shall in no way affect the full right to require such performance at any time hereafter, nor shall the waiver by either party of a breach of any provision hereof be taken or held to be a waiver of any succeeding breach of such provision or as a waiver of the provision itself. If and to the extent that any court of competent jurisdiction holds any provision of these terms and conditions to be invalid or unenforceable in a final non-appealable order, such holding shall in no way affect the validity of the remainder of this Agreement. These terms and conditions shall be governed by the laws of the State of New York, United States of America without regard to the conflicts of law principles thereof.
|Operating Systems Supported||Windows 7, XP and Vista||OS X (10.5.x or higher)|
|Browsers Supported|| IE 7, 8 and 9
Firefox 3.6.x and 9.0.x
with JRE plugin 1.4x or higher
|Safari 4.x and 5.x|
with JRE plugin 1.4x or higher